Travelers reminded to follow currency declaration rules 

The Bureau of Customs (BOC) has reminded international and local travelers to strictly follow Philippine rules on currency declaration to facilitate their entry into or exit from the country.

According to the BOC, travelers are permitted to bring foreign currency into the Philippines, but any amount exceeding the $10,000 limit must be properly declared to the bureau.

“When the total amount exceeds US$10,000 or its equivalent in other foreign currencies, the full amount must be declared to the BOC upon arrival or departure,” it said in a statement.

It added that travelers must declare this at the designated BOC ports or airports or by accessing the e-Travel platform before their arrival in the Philippines.

The BOC also reminded the public that P50,000 per person may be brought into or taken out of the country without prior approval.

However, any excess amount beyond P50,000 must be declared to the BOC. They must also submit a written authorization from the Bangko Sentral ng Pilipinas (BSP) or the excess amount will be subject to confiscation.

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BSP authorization

The BOC said that requests for BSP authorization must be filed prior to a traveler’s departure from the country. “Authorization will be given only for the following purposes: numismatics (study or collection of currency), currency awareness (e.g. museums, exhibits and literary materials) and testing, calibration and configuration of money counting/sorting machines.”

According to Customs Commissioner Ariel Nepomuceno, the requirement to declare the currency one is carrying is part of standard procedure to protect travelers and financial institutions.

“These rules have long been in place to promote transparency and protect both the traveling public and the integrity of our financial system,” Nepomuceno said.